Bloomberg reported that after starting out with hopes of a rebound, 2015 will instead punctuate the worst two years ever suffered by U.S. crude producers.

Bloomberg said that West Texas Intermediate futures are heading for the biggest-ever two-year drop, while the S&P Energy Sector Index is set to mark its first consecutive decline since 2002.

Bloomberg noted that oil has tumbled since Saudi Arabia led the Organization of Petroleum Exporting Countries in November 2014 in deciding to maintain output and defend market share against higher-cost producers, generating a record supply glut.